(Corrects minimum commitment to $200,000 from $500,000 figure given by UBS on Wednesday) ZURICH (Reuters) – A $471 million UBS venture fund aims to generate annual returns “north of 10 percent” for its European and Asian investors by financing new cancer drugs, helping speed them from the lab to the point where drug companies buy their rights. Mark Haefele, global chief investment officer at the Swiss bank's wealth management unit, said on Wednesday its UBS Oncology Impact Fund was working with Boston-based MPM Capital to identify investment targets. The push has been augmented by U.S. Vice President Joseph Biden's “moonshot” bid to find cancer cures and treatments.
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UBS, MPM team up on $471 million cancer fund to speed drug development
